Arlington Hospitality, Inc. Sells Amerihost Inn in Zanesville, Ohio
ARLINGTON HEIGHTS, Ill. July 1, 2003 Arlington Hospitality, Inc. (Nasdaq/NM: HOST - News) today announced the sale of its wholly owned AmeriHost Inn hotel located in Zanesville, Ohio.
The hotel will remain an AmeriHost Inn hotel as the buyer has executed a franchise agreement with AmeriHost Franchise Systems, Inc., a subsidiary of Cendant Corporation (NYSE: CD). The terms of this sale were not disclosed; however, the company has paid off mortgage debt in the amount of approximately $1.4 million with proceeds from the sale of this hotel. The company expects to include the results of the sale in its second quarter 2003 financial statements.
In addition to the proceeds from the sale, the company will receive continuing cash flow related to this hotel from Cendant pursuant to the franchise royalty sharing agreement executed in connection with the sale of the AmeriHost Inn brand name and franchising rights by the company to Cendant in September 2000.
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